Crypto infrastructure firm Blockstream is looking to raise funds at a valuation which may be under $1 billion, according to a Bloomberg report, citing sources.
This would be a significant cut in valuation for the firm, which raised a $210 million Series B at $3.2 billion in 2021. The firm had acquired Israeli bitcoin mining hardware manufacturer Spondoolies in 2021.
Blockstream, which was founded in 2014, was planning to branch out a business line making specialized mining chips known as ASICs.
Blockstream was not immediately available for comment when contacted by CoinDesk.
The Victoria, British Columbia-based company had announced a collaboration with Jack Dorsey’s Block to build a solar-powered Bitcoin mining facility.
Samson Mow, the ex-chief strategy officer at Blockstream, had raised $21 million for his new Bitcoin startup JAN3 at a $100 million valuation.
